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SM to have 48 malls by yearend

Published on 19 February 2013 [ ]
Written by Madelaine B. Miraflor
Mall operator SM Prime Holdings Inc. (SM Prime) will be pursuing its aggressive expansion plans by putting up two additional malls in 2013 and ending the year with a total of 48 malls in the Philippines.
“We are very pleased to end 2012 with excellent results. We are confident that the Philippine growth story, which we saw unfold last year will continue in 2013. In line with this, we will proceed with our aggressive expansion plans and continue to pursue new opportunities for growth,” SM Prime President Hans Sy said.
For 2013, SM Prime is scheduled to open SM Aura Premier in Taguig City and SM Cauayan in Isabela, while SM Megamall in Ortigas will be expanded with the construction of Building D.
By the end of this year, SM Prime will have 48 malls in the Philippines and five in China with an estimated combined GFA of 6.7 million square meters.
SM Prime ended 2012 with a 16-percent growth in its net income, realizing P10.53 billion on the back of the recently launched SM Supermalls across the country.
According to SM, it exceeded its 2012 profit growth target for a second straight year. The company earned P9.1 billion in 2011.
SM Prime’s total revenues for the year also rose by 14 percent to P30.73 billion.
SM Prime said that its better-than-expected performance was largely due to rentals from new SM Supermalls launched in 2011 and 2012 coupled with a robust same-store rental growth of 8 percent.
Moreover, SM Prime’s shopping malls in China continued to perform well, with net income amounting to P1.10 billion in 2012, a 24-percent increase from the P890 million posted in 2011.
For full year 2012, SM Prime’s consolidated rental revenues contributed 84 percent to the total, and grew by 14 percent to P25.90 billion. The company’s new rental space came from SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM City Lanang, and SM Chongqing.
Operating expenses for full year 2012 increased by 14 percent, to P13.99 billion, largely from expenses related to mall expansion, while income from operations posted a 14-percent growth from P14.62 billion in 2011 to P16.73 billion in 2012.

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